Cardano’s native token $ADA embarked on a strong price surge this past week.As development activity also accelerates across the Cardano ecosystem, the blockchain stands well-positioned for further adoption, which should push $ADA’s price higher.
Riding renewed momentum in the memecoin sector is newcomer Galaxy Fox (GFOX), which has now raised over $3.9 million in its ongoing presale.
Let’s dive into the details.
Cardano ($ADA) Price Comes Back to Life in 2024 Cardano’s native token, $ADA, has seen a strong price surge this week, gaining 25% to trade around $0.77.This keeps pace with gains of 19% and 16% for Bitcoin and Ethereum respectively over the same period.With $ADA matching the growth of the two largest cryptocurrencies, this is a positive sign that Cardano can continue riding broader market momentum and perhaps soon even revisit its former ATH.
According to Arongroups, a successful TradingView analyst, $ADA shows a clear upward price trend on the 4-hour chart.
With continued strength, Cardano could push as high as $1 in the next month.However, failure to break past $0.80 could result in a pullback toward $0.515 support.
Additional bullish signals come from altFINS, which has identified a bullish breakout from a Channel Down pattern.With ADA successfully retesting support after this breakout, altFINS sees +20% upside potential.
When breakouts occur from established technical patterns like this, rapid price movement often follows in the direction of the breakout.
Looking at key technical indicators, ADA also shows building bullish momentum.The MACD line stands above the MACD signal line, indicating positive price action ahead.The Moving Average Convergence Divergence (MACD) indicator is used to identify trend changes and the overall momentum of a security’s price.
It does this by subtracting the 26-period exponential moving average (EMA) from the 12-period EMA.
When the faster MACD line crosses above the slower signal line, it indicates that the shorter-term EMA has crossed over the longer-term EMA.This suggests that positive momentum is building, as the shorter-term moving average pulls away from the longer-term average.Traders often interpret this as a bullish signal that upside price action is likely ahead.For this reason, ADA’s MACD indicator crossing into positive territory provides another confirmation that Cardano’s latest rally has further room to run.
However, the daily Relative Strength Index (RSI) now reads 80.
This signals extremely overbought conditions that could result in a pullback before additional gains.
Ongoing Development Activity Strengthens Cardano in 2024 Alongside increasing price action, Cardano has seen significant development activity so far in 2024.Efforts have focused on upgrades aimed at performance, scalability, interoperability and growth of the broader DApp ecosystem.
Key launches include the K EVM project, allowing Ethereum dApps to operate on Cardano.There has also been growing experimentation with NFT projects and $ADA NFT drops.This contributes to surging DApp and developer ecosystem growth, especially across NFT and decentralized finance (DeFi) applications.
Continued network upgrades are also strengthening Cardano for the long term.
For example, the Hydra protocol from Q4 2023 promises improved transaction throughput and efficiency.Meanwhile, the Marlowe 0.3.0 release in 2024 provides domain-specific smart contract design tools.
Most notable is the upcoming Chang hard fork , expected in early 2024.Alongside key improvements for dApps and interoperability, this upgrade will introduce Plutus script V3.As a substantial enhancement to Plutus, V3 will play a crucial role in Cardano’s ongoing infrastructure development.
The integration of these upgrades stands to benefit developers and users on the Cardano network.
Galaxy Fox Presale Soars as Memecoin Interest Resurges As the broader cryptocurrency market shows signs of positive momentum, interest in memecoins has resurged.
$BONK and $WIF are good examples of recent pumps that prove how this sector can help investors with additional gains.Riding this wave is newcomer Galaxy Fox (GFOX), which has sailed past $3.37 million in presale participation so far.
Historically, memecoins and ICOs have seen huge spikes in popularity during bull runs and market rallies.This trend often relates to the distributed token ownership typical of many memecoins.For Galaxy Fox, 70% of the total supply is allocated to presale buyers, rather than developers.
Blending elements of a runner game and memecoin, Galaxy Fox offers multiple opportunities to earn rewards.
Players can win prizes paid in GFOX tokens based on leaderboard rankings each season.Special NFTs also grant in-game bonuses to holders.
Outside of the game itself, Galaxy Fox employs deflationary tokenomics to counter oversupply.This includes a capped maximum supply of 5 billion and token burning from circulation.
Meanwhile, staking rewards distribute 2% of ecosystem transaction fees to GFOX holders.As stakers earn yield on a deflationary asset, this enhances holding incentives.
Taxes on transfers additionally help fund staking payouts, along with allocations to the Galaxy Fox Treasury.
The Treasury uses these funds for marketing, community initiatives, and real-world merchandise sales.
With major memecoins like Dogecoin or BONK struggling to advance innovative utility, Galaxy Fox brings interesting potential.Its multifaceted ecosystem aims to drive continuous community engagement across gaming, staking, NFTs, and more.
Stage 8 of Galaxy Fox’s presale is already 90% sold out, and the next stage could potentially increase token prices from $0.002178 to $0.002376.
Conclusion With 2.65 billion tokens sold so far, Galaxy Fox is proving a rising star among 2024’s memecoin launches.As the broader crypto market shows new signs of strength, memecoin interest could certainly surge higher.
For Cardano, accelerating ecosystem development and potential upgrades like Chang hard fork signal an increasingly compelling blockchain.With staking, gaming, and deflationary rewards in a single package, Galaxy Fox also brings unique tokenomics to capitalize on this expanding niche.
Learn more about Galaxy Fox ($GFOX) here:
Visit Galaxy Fox Presale | Join The Telegram Group | Follow Galaxy Fox on Twitter
This post was authored by an external contributor and does not represent Benzinga’s opinions and has not been edited for content.This contains sponsored content and is for informational purposes only and not intended to be investing advice.
Cryptocurrency is a volatile market; do your independent research and only invest what you can afford to lose.New token launches and small market capitalization coins are inherently more risky than large cap cryptocurrencies.These tokens are subject to larger liquidity and market risks..
